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Commitments | 3 Months Ended
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Aug. 31, 2016
Commitments [Abstract] |
Commitments | (7) Commitments As of August 31, 2016, our purchase commitments under various contracts for the remainder of 2017 and annually thereafter were as follows (in millions):
|  | Aircraft and |  |  |  |  |  |  |
|  | Aircraft-Related |  | Other(1) |  | Total |
2017 (remainder) | $ | 719 |  | $ | 1,112 |  | $ | 1,831 |
2018 |  | 1,767 |  |  | 463 |  |  | 2,230 |
2019 |  | 1,717 |  |  | 316 |  |  | 2,033 |
2020 |  | 1,925 |  |  | 222 |  |  | 2,147 |
2021 |  | 1,480 |  |  | 135 |  |  | 1,615 |
Thereafter |  | 4,191 |  |  | 112 |  |  | 4,303 |
Total | $ | 11,799 |  | $ | 2,360 |  | $ | 14,159 |
(1) | Primarily equipment, advertising contracts and, for the remainder of 2017, $616 million of estimated required quarterly contributions to our U.S. Pension Plans.
The amounts reflected in the table above for purchase commitments represent noncancelable agreements to purchase goods or services. As of August 31, 2016, our obligation to purchase four Boeing 767-300 Freighter (“B767F”) aircraft and seven Boeing 777 Freighter (“B777F”) aircraft is conditioned upon there being no event that causes FedEx Express or its employees not to be covered by the Railway Labor Act of 1926, as amended. Open purchase orders that are cancelable are not considered unconditional purchase obligations for financial reporting purposes and are not included in the table above. On June 10, 2016, FedEx Express exercised options to acquire six additional B767F aircraft for delivery in 2019 and 2020. We had $392 million in deposits and progress payments as of August 31, 2016 on aircraft purchases and other planned aircraft-related transactions. These deposits are classified in the “Other assets” caption of our consolidated balance sheets. Aircraft and aircraft-related contracts are subject to price escalations. The following table is a summary of the key aircraft we are committed to purchase as of August 31, 2016 with the year of expected delivery:
|  | B767F |  | B777F |  | Total |
2017 (remainder) | 6 |  | - |  | 6 |
2018 | 16 |  | 2 |  | 18 |
2019 | 15 |  | 2 |  | 17 |
2020 | 16 |  | 3 |  | 19 |
2021 | 10 |  | 3 |  | 13 |
Thereafter | 16 |  | 6 |  | 22 |
Total | 79 |  | 16 |  | 95 |
A summary of future minimum lease payments under noncancelable operating leases with an initial or remaining term in excess of one year at August 31, 2016 is as follows (in millions):
|  |  | Operating Leases |
|  |  | Aircraft |  |  |  |  | Total |
|  |  | and Related |  | Facilities |  | Operating |
|  |  | Equipment |  | and Other |  | Leases |
2017 (remainder) | $ | 398 |  | $ | 1,529 |  | $ | 1,927 |
2018 |  | 403 |  |  | 1,899 |  |  | 2,302 |
2019 |  | 345 |  |  | 1,673 |  |  | 2,018 |
2020 |  | 262 |  |  | 1,474 |  |  | 1,736 |
2021 |  | 204 |  |  | 1,329 |  |  | 1,533 |
Thereafter |  | 364 |  |  | 8,123 |  |  | 8,487 |
Total | $ | 1,976 |  | $ | 16,027 |  | $ | 18,003 |
Future minimum lease payments under capital leases were immaterial at August 31, 2016. While certain of our lease agreements contain covenants governing the use of the leased assets or require us to maintain certain levels of insurance, none of our lease agreements include material financial covenants or limitations.

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- Definition The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.17) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.(a)(19)) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.25) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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